We’re being told to hurry to a tax agent ASAP and file our returns, before the October 31 deadline.
There are just two weeks left to take advantage of a potential refund, which you might not get if you submit your return late.
Last year, around 475,000 taxpayers completed their returns late, with around 300,000 of those missing out on refunds as a result.
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Assistant Commissioner Karen Foat is highlighting the importance of not only meeting the deadline, but making sure you accurately complete your return.
“We know that tax can seem complicated, which is why we see so many people putting it off. People should know that it’s actually becoming increasingly quick and painless to lodge your return.
“Your tax return can be done from the comfort of your own living room, just by going online and logging into myTax (accessed via myGov). Some taxpayers have even told us that they’ve completed it whilst on the bus, it’s that easy. For the majority of taxpayers, this takes less than half an hour.
“If you are using a tax agent, you do have longer to have your return completed, but you need to be on their books by 31 October.
“Where people put off their returns and lodge at the last minute or even after the deadline, we also start to see some easily avoidable errors.
“One common thing we see is people losing track of receipts that have been thrown out by taxpayers thinking they didn’t need them anymore.
“People need to remember to keep receipts for all deductions they want to make. We can ask you to substantiate your claims at any time, even up to five years after the return is lodged.
“It can be difficult to keep track of all your physical receipts. That’s why keeping a digital copy, for example, through the ATO app’s myDeductions tool, can be a real lifesaver. In fact, we’ve already seen a 43% increase in myDeductions usage this year,” Assistant Commissioner Foat said.
The Tax Office is also fully prepared for the excuses of tax payers who haven’t lodged their return on time, warning us all that they’ve heard them all.
“We often hear some pretty creative excuses around tax time, ranging from why someone has lost their records, missed the deadline, excluded income, or over claimed on deductions,” Assistant Commissioner Foat said.
These are their top WEIRDEST excuses.
- Someone’s stolen my pants
- I’ve got ‘holiday brain’
- What’s a tax return? Never heard of it!
- A mouse ate my receipts
- The car wash did it
- I’ve got too many to do!
For more information or to lodge your tax return online, click here.